Shoes That Grow? Cricketer Hardik Pandya Invests In A Startup Building Expandable Shoes

Kids’ footwear startup Aretto has raised $550K from a number of investors, including cricketer Hardik Pandya. The funding round also saw the participation of Brewhouse’s cofounder Abhineet Singh, Aan Group’s Shyam Raichura, Bombay Shaving Company’s Raunak Munot, Videoverse’s Vinayak Shrivastav and Kunal Sumaya of Julius Bear.

The startup plans to use these funds to expand its market presence, strengthen its workforce and ramp up R&D for new products.

Founded in 2019 by Krutika Lal and Satyajit Mittal, Aretto claims to make sustainable shoes for children that grow in size as their feet grow. 

Commenting on the latest funding round, cofounder Mittal said, “This seed funding is not only a testament to our investors’ confidence in our innovative kids’ technology but also reiterates our commitment to revolutionise the industry.”

Meanwhile, the startup has plans to open its first retail store in Pune. Additionally, it plans to partner with multi-brand outlets in key metropolitan cities, catering to a wider customer base in India.

In line with the growing market trends, Aretto plans to launch a variety in terms of style, keeping the preferences of children in mind. It claims that each of these new products has been made to offer maximum comfort and support for growing feet. 

A study by the IMARC Group found that the kids’ fashion industry in India reached $2.1 Bn in 2022 and is estimated to touch $24.5 Bn by 2028, exhibiting a CAGR of 2.6% between 2023-2028.

Aretto competes directly with kids’ fashion startup Hopscotch. In May, Hopscotch raised $20 Mn in a funding round led by Amazon to expand its offerings and cater to more customers with the latest trends in kids’ fashion. 

Recently the footwear industry witnessed another deal when Flatheads got acquired by Styched.